German consumer sentiment fell to its lowest level in three years as November approached, as job losses in the automotive and financial services sectors caused shoppers to become increasingly pessimistic about the prospects of Europe's largest economy, a survey showed on Friday.
The Consumer Sentiment Index, published by the Nuremberg-based GfK Institute and based on a survey of some 2,000 Germans, fell to 9.6 as November approached, the lowest reading since November 2016.
The reading was below the forecast of 9.8, and the October reading was revised down to 9.8 from the previous reading of 9.9.
Trade disputes and the prospect of a Brexit without a deal contributed to a recession in the export-oriented German manufacturing sector, and the slowdown began to spill over into the service sector.
Europe's largest economy, which relies mainly on consumption and government spending for growth, is expected to slip into recession in the third quarter.
GFK said a sub-index measuring economic outlook fell to its lowest level since December 2012 as consumers fear the global slowdown could hurt exports and lead to more difficulties for manufacturers.
